Sberbank targets net interest income to rise 18% in 2013; commissions - up 22.5%
MOSCOW. April 5 (Interfax) - Sberbank of Russia expects net interest income to rise 17%-18% in 2013, the bank said in a presentation for investors at the beginning of April.
That would put net interest income in 2013 at 825-832 billion rubles based on actual net interest income of 704.8 billion rubles in 2012.
Sberbank expects net fee and commission income to rise 21.5-22.5% this year, according to the latest materials. That is down from the growth forecast of 25-30% cited by management at a meeting with analysts in December 2012, as reported to Interfax at the time by one of the meeting participants.
Net fee and commission income is therefore targeted at 230 -232 billion rubles in 2012, based on the actual result of 189.2 billion rubles in 2012.
The cost-to-income ratio is forecast to equal 48% in 2013, down from 49% in 2012. Growth in operating expenses is projected to slow to less than 25% in 2013, down from 32.1% in 2012. Growth in operating income is expected to remain at the 2012 level, about 25.1%.
Sberbank will spend 50-60 billion rubles to reformat the branch network in 2013, on a par with the 54 billion rubles it spent for the purpose in 2012.
The bank also expects an increase in the quality of its corporate loan portfolio and a slight drop in the quality of its retail loan portfolio in 2013. Sberbank forecasts that the share of NPL (loans overdue more than 90 days) in the corporate portfolio will decline to about 3%, which would for the first time in recent years put it below the NPL share in the retail portfolio, forecast to equal 3.5%.
Growth in Sberbank customer deposits is forecast to slow to 11%-12% in 2013, down from 28.3% in 2012.
